New J.P. Morgan Jam

Bank Faces U.S. Action on Antimoney-Laundering Practices

Regulators are expected to serve J.P. Morgan Chase & Co. with a formal action alleging weaknesses in the bank's antimoney-laundering systems, said people close to the situation.

The cease-and-desist order from the Office of the Comptroller of the Currency is part of a broader crackdown on the nation's largest banks, the people said. The OCC is expected to require J.P. Morgan to beef up its procedures and examine past...